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Home My WebLink AboutPOLICE PENSION - 04/14/2021 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES APRIL 14, 2021 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, April 14, 2021 at 2:00 p.m. at the Elk Grove Village Hall Meeting Room A & B located at 901 Wellington Avenue, Elk Grove Village, Illinois 60007, pursuant to notice. CALL TO ORDER: Trustee Torres called the meeting to order at 2:00 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Thomas Molloy, Warren Moody, Allan Ambrose (arrived at 2:20 p.m.) and Charles Walsh ABSENT: None ALSO PRESENT: Attorney Bryan Strand, Remer Dobrovolny & Labardi, PC (RDL); Finance Directors Christine Tromp and Brian Kohler, Elk Grove Village; Doug Oest, Marquette Associates; Sam Meyer, Lauterbach & Amen LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: January 26, 2021 Regular Meeting Minutes: The Board reviewed the January 26, 2021 regular meeting minutes. A motion was made by Trustee Walsh and seconded by Trustee Molloy to approve the January 26, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi Annual Review of Closed Session Meeting Minutes: The Board reviewed the closed session meeting minutes. A motion was made by Trustee Molloy and seconded by Trustee Moody to keep the closed session meeting minutes closed due to pending matters. Motion carried unanimously by voice vote. INVESTMENT REPORT — MARQUETTE ASSOCIATES: Executive Summary: Mr. Oest presented the Executive Summary for the period ending March 31, 2021. Mr. Oest discussed the market environment, investment manager status report, summary of investment changes, total fund composite and performance by investment managers. As of March 31. 2021, the three-month total net return is 3.1% and the year-to- date total net return is 23.5% for an ending market value $106,614,114. The current asset allocation is as follows: Fixed Income at 33.9%, U.S. Equity at 41.2%, International Equity at 14.2%, Real Estate at 8.5%, Alternatives Composite at 1.8% and Cash at 0.4%. Mr. Oest discussed the portfolio with the Board and noted the Funds overweight in equities. Mr. Oest recommended liquidating $1,000,000 from the Vanguard Institutional Index, $250,000 from the Vanguard Mid Cap Index and $250,000 from Vanguard Small Cap Index and reallocating the proceeds to be split equally between CS McKee and Segall Bryant & Hamill. A motion was made by Trustee Walsh and seconded by Trustee Moody to transfer the funds as recommended. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Walsh NAYS: None ABSENT: Trustee Ambrose Trustee Ambrose arrived at 2: 20 p.m. A motion was made by Trustee Moody and seconded by Trustee Walsh to approve the Investment Report as presented. Motion carried unanimously by voice vote. Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no Elk Grove Village Police Pension Fund Meeting Minutes — April 14, 2021 Page 2 of 4 changes are required at this time. TREASURER'S REPORT — ELK GROVE VILLAGE: Monthly Financial Report Presentation and Approval of Bill: The Board reviewed the Treasurer's Report for the period ending February 28, 2021 prepared by the Village of Elk Grove. As of February 28, 2021, the net position held in trust for pension benefits is $104,381,610. Ms. Tromp also reviewed the revenue and'pensioner distribution payments, new contributions and expense report showing the year-to-date total expenses is in the amount of $16,184,406. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the Treasurer's Report as presented and to approve the year-to-date expenses in the amount of $16,184,406. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Mr. Oest left the meeting at 2: 46 p.m. Additional Bills, if any: The Board reviewed the following additional bills for approval: • L&A invoice in the amount of S1,600.00 for PSA services. • RDL invoice in the amount of $300.00 for attorney fees. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the additional bills as presented. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Illinois Department of Insurance Compliance Fee: This item was tabled until the next regular meeting. COMMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2021. TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities and were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees & Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses presented for approval. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Contribution Refund — Timothy Hain: The Board noted that Timothy Hain separated service from the Elk Grove Village Police Department effective July 17, 2020 and has been provided with the necessary paperwork to request a contribution refund. No response has been received to date. Applications for Membership — Nicholas Marzec, Cody Philips, Dominic DeAngelis, Christina Lovecky, Rachel Marin & Kyle Radaukas: The Board reviewed the Applications for Membership submitted by Nicholas Marzec, Cody Philips, Dominic DeAngelis, Christina Lovecky, Rachel Marin and Kyle Radaukas. A motion was made by Trustee Molloy and seconded by Trustee Walsh to accept Nicholas Marzec, Cody Philips, Dominic DeAngelis, Christina Lovecky, Rachel Marin and Kyle Radaukas into the Elk Grove Village Police Pension Fund effective March 8, 2021, as Tier II participants. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Hearing Regarding Retirement Elk Grove Village Police Pension Fund Meeting Minutes -April 14, 2021 Page 3 of 4 Benefit and Creditable Service - Edwin Medina: Attorney Strand updated the Board on the status of Edwin Medina's hearing and noted the Village's attorney has indicated they intend to file a petition to intervene. Updates will be provided as they become available. OLD BUSINESS: Discussion/Possible Action - QILDRO Benefit Discrepancies: Attorney Strand informed the Board that correspondence has been sent to Edward Hansen and Donna Ellery-Hansen on February 11, 2021 in regards to their QILDRO discrepancy, no response has been received to date. Further discussion will be held at the next regular meeting. NEW BUSINESS: Appointed Member Term Expiration - Allan Ambrose: The Board noted that Allan Ambrose was reappointed to the Elk Grove Village Police Pension Fund Board of Trustees for a two-year term, effective March 23, 2021 through March 23, 2023. Discussion/Possible Action - Lauterbach & Amen, LLP Engagement Letter: The Board reviewed the L&A three-year engagement letter. A motion was made by Trustee Walsh and seconded by Trustee Molloy to engage L&A in the annual amounts as follows: $119,800 for the year ended April 30, 2022; $20,340 for the year ended April 30, 2023; and $21,000 for the year ended April 30, 2024. Motion carried by roll call vote. AYES Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS None ABSENT: None Discussion/Possible Action - Attorney Retainer: The Board discussed the Attorney retainer for Reimer Dobrovolny & LaBardi, PC. A motion was made by Trustee Ambrose and seconded by Trustee Walsh to approve the retainer fee in the amount of $795. Motion carried by roll call vote. AYES Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS None ABSENT: None ATTORNEY'S REPORT - REIMER DOBROVOLNY & LABARDI, PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Strand discussed recent court cases and decisions, as well as general pension matters with the Board. QILDRO - Joseph Sacomano: L&A informed the Board that they received a QILDRO Order submitted by Joseph Sacamano and noted that a QILDRO Calculation Order will be needed upon retirement in order to issue payment to the alternative payee. Updates will be provided as they become available. Review/Adopt Board Rules & Regulations - Interest Charge for Unpaid Time: This item was tabled until the next regular meeting. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Molloy and seconded by Trustee Ambrose to adjourn the meeting at 3:46 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on July 14, 2021 at 2:00 p.m. Board Presi Secretary Elk Grove Village Police Pension Fund Meeting Minutes —April 14, 2021 Page 4 of 4 , } Minutes approved by the Board of Trustees on Minutes prepared by Sam Meyer, Pension Services Administrator, Lauterbach & Amen, LLP